-——President Richard Nixon embarked upon an experiment to end the practice-——
Nixon did not embark on an experiment. He caved to reality and quit selling American gold at $35 when traders were buying it here and immediately selling it in London for $40 and bringing the $35 back and buying more and then selling it at $40. In two round trips they pocketed $10. Nixon had no choice but to allow the US$ devaluation.
Regarding the 5 year prediction. That might very well happen but the US$ will follow others. Much of the world will adopt some new gold standard before we do.
How about we pay off the debts first with the Play-Do money before stabilizing and restoring its value.
A currency exchange must have been involved which serves to stabilize the value of the dollar.
Now they do the same with currency trading, instantly from their desks.